Wipro Q1 Net Profit Rises 29.5% To Rs 2,103 Crore

IT Wipro has reported a 29.5% increase in its consolidated net profit at Rs 2,103.2 crore for the April-June quarter of FY2014-15. It had registered a net profit of Rs 1,623.3 crore in the same period last year, it said in a BSE filing.

The Bangalore-headquartered firm’s consolidated net sales went up by 15.5% to Rs 11,245.5 crore in the April-June quarter of the current financial year from Rs 9,733.2 crore in the corresponding quarter of FY2013-14.

Wipro chairman Azim Premji said, "We see a significant rise in business confidence in developed markets as well as India."

"We continue to win large deals particularly in the application and infrastructure space. We recently announced our largest ever total outsourcing deal," Wipro CEO T K Kurien said.

These deals indicate the confidence of clients in Wipro's transformational capabilities and re-affirm their faith in its client engagement strategy, he added.

"We continue to drive operational efficiency and invest in our strategy. Operating margins for the quarter was on expected lines, impacted largely due to wage hikes," Wipro CFO Suresh Senapaty said.

"It’s been a lukewarm period overall for the IT industry at large, including Wipro. That said, few contracts over the last quarter has helped Wipro get access to more high-profile deals at a time when outsourcing demand looks stronger as compared to previous years," Greyhound Research CEO Sanchit Vir Gogia said.